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Friday, 17 July 20
MISC MALAYSIA ENTERS INTO PURCHASE AGREEMENTS AND TIME CHARTER PARTIES FOR SIX VLECS
 MISC Berhad (MISC) has entered into Memorandum of Agreements (MOAs) with six indirect wholly-owned subsidiaries of Zhejiang Satellite Petrochemical Co. Ltd. for the purchase of six newbuild 98,000 cubic meters Very Large Ethane Carriers (VLECs). Concurrently, MISC, through its vessel-owning entity, Portovenere and Lerici (Singapore) Pte. Ltd. (PLS) has entered into Time Charter Parties (TCPs) with Zhejiang Satellite Petrochemical Co. Ltd. (STL) for the time charter of the six VLECs for operations in international waters.
The VLECs will be purchased by MISC for approximately USD726 million and chartered to STL through PLS for a firm period of 15 years. The charters for the VLECS are expected to commence in the fourth quarter of 2020. Samsung Heavy Industries Co., Ltd. and Hyundai Heavy Industries Co., Ltd., both shipyards in Korea, are constructing three vessels each.
MISC’s President & Group Chief Executive Officer, Mr. Yee Yang Chien said “A new chapter is in the making as we make our entry into the global ethane market with these six VLECs and a new alliance in China. The acquisition of these six VLECs marks a milestone in MISC’s offerings for large scale ethane transport. Adding to the strength and expansion of our existing fleets as well as diversifying our portfolios, we are now the proud owner of six VLECs – which are the largest vessels of its kind, aside from the existing seven VLECs in the world. As one of the only three owners of such vessels in the world, this new addition to our fleet would strengthen MISC’s competitive advantage in this segment. I would like to thank Zhejiang Satellite for the invaluable trust given to us. I believe the alliance formed here today will endure well into the future”. “Despite the current challenging market environment, MISC Group has been making notable strides; as part of our effort to diversify our portfolio, develop new solutions and enlarge our presence with the addition of new markets. The long-term charter parties are instrumental to the built up of our sustainable income stream; a clear reflection of long-term drivers that sets our growth
strategies and valuable investments. The fact that these milestones are achieved at a time like this, shows MISC’s resilience and consistency in its virtuous growth,” he further added. During the signing ceremony, MISC was represented by Mr. Yee Yang Chien and Mr. Zahid Osman who is the Vice President of LNG Business, MISC Berhad while STL was represented by its Chairman & President, Mr. Yang Weidong and Vice President, Mr. Lu Wei Wei. Mr. Yang Weidong commented, “China and Malaysia have been having a very good relationship for quite a long time. Especially during the recent years, the cooperation between the two countries has been greatly increased. Today by entering into this agreement, Satellite and MISC have just started a new venture, in which the two parties will build a global logistics supply chain for chemicals together. This supply chain is going to safeguard the world-leading ethylene cracker that is being built by Satellite. Together, the two companies will help accelerating the development of global chemical industry. I believe that our cooperation will be very successful and last long.” MISC is currently one of the largest single owner-operators of LNG tankers in the world with distinguished reputation for overall operational excellence, reliability, safety and on-time cargo deliveries. At present, its LNG fleet comprises of 29 LNG carriers and two FSUs with a combined deadweight tonnage (dwt) capacity of over two million dwt. Four LNG carriers are currently under construction.
About MISC Berhad
MISC Berhad (MISC), was incorporated in 1968 and is a world leading provider of international energy related maritime solutions and services. The principal businesses of the Group comprise energy shipping and its related activities, owning and operating offshore floating solutions, marine repair and conversion, engineering and construction works, integrated marine services, port and terminal services as well as maritime education and training. As at 30 June 2020, MISC Group’s fleet consists of more than 100 owned and in-chartered vessels comprising of Liquefied Natural Gas (LNG), Petroleum and Product vessels, 14 Floating Production Systems (FPS) as well as 2 LNG Floating Storage Units (FSU). The fleet has a combined deadweight tonnage (dwt) capacity of more than 14 million tonnes. We take pride in our asset and service reliability, commitment to uphold the highest standards of Health, Safety and Environment (HSE), fostering a culture of excellence amongst our employees, operating responsibly and caring for the environment as well as making a positive difference to the communities in which we operate.
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Wednesday, 15 July 20
MARKET INSIGHT - INTERMODAL
The Covid-19 virus spread around the world has obviously impacted the global oil demand while the situation remains fluid. The overall constraint ...
Tuesday, 14 July 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.75 PCT - XINHUA
China Taiyuan coal transaction price index stood at 126.01 points Monday, up 0.75 percent week on week.
The index, released by China ...
Tuesday, 14 July 20
TURKEY - A CASE OF UNDECLARED BUNKER - GARD
KNOWLEDGE TO ELEVATE
Undeclared/excess bunkers can be considered a criminal act by Turkish customs officials with the ship's crew being ac ...
Monday, 13 July 20
PANAMAX: A TUMULTUOUS WEEK IN THE PANAMAX MARKET ENSURED ALL MARKETS GAINED VALUE ON THE WEEK - BALTIC BRIEFING
Capesize
This week witnessed the dreaded correction in the Capesize market, with the time charter average shedding almost 18 per cent to close ...
Friday, 10 July 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
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